Corporate Governance And The Creation Of The Sec
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Corporate Governance And The Creation Of The Sec
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Author : Arevik Avedian
language : en
Publisher:
Release Date : 2015
Corporate Governance And The Creation Of The Sec written by Arevik Avedian and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
We study the effects of the creation of the Securities and Exchange Commission (SEC) on corporate governance. Established in 1934, the SEC effectively applied the listing standards of the NYSE to all regional stock exchanges in the U.S. We therefore examine the impact of the SEC by comparing non-NYSE listing firms before and after the landmark legislation was adopted, using the NYSE as a control group. Our estimates reveal that there was a 30% reduction in board independence, i.e., the creation of the SEC caused boards to become significantly less independent. We find no corresponding effects on firm valuations. Our evidence is consistent with a "substitution of governance mechanisms" hypothesis, i.e., firms endogenously trade off market-based (board) governance and government-sponsored (SEC) governance. This evidence has implications for corporate governance regulation around the world.
Securities Markets And Corporate Governance
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Author : Ms Yuwa Wei
language : en
Publisher: Ashgate Publishing, Ltd.
Release Date : 2013-02-28
Securities Markets And Corporate Governance written by Ms Yuwa Wei and has been published by Ashgate Publishing, Ltd. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-02-28 with Law categories.
This book explores the rationalities and functions of securities markets and takeover activities. Focusing on the Chinese experience of utilizing the securities market as an effective mechanism of corporate control, this volume analyses the future development of China's financial market in the era of economic globalization. Providing an overview of the historical development of the securities market and a literature review of the economic functions of stock markets, Securities Markets and Corporate Governance also examines the legal regimes governing securities markets and takeovers in some leading corporate economies including the US, Germany, Japan and the UK. This volume then focuses on the Chinese experience, proposing a model which balances internal corporate governance and external market control for China.
The Revolution In Investment Company Governance
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Author :
language : en
Publisher: Practising Law Institute
Release Date : 2004-01-01
The Revolution In Investment Company Governance written by and has been published by Practising Law Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-01-01 with Brokers categories.
History Of American Corporate Governance
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Author : Eric Hilt
language : en
Publisher:
Release Date : 2014
History Of American Corporate Governance written by Eric Hilt and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Corporate governance categories.
This paper presents an overview of the history of corporate governance in the United States, emphasizing the period before the advent of federal securities laws and the Securities and Exchange Commission (SEC). Recent research has overturned many widely accepted beliefs about corporate governance during this period. In particular, the evolution of American corporate governance has not followed a simple, linear trajectory, beginning with small, well-governed firms and ending with large, poorly governed ones. Over time, economic and institutional changes have given rise to successive generations of corporations with their own governance problems and their own mechanisms to address those problems. When existing governance mechanisms failed, the United States experienced corporate governance crises-episodes that shattered investors' faith in corporate management and the legal institutions intended to protect their rights. The resolutions of these crises have sometimes been found in legal innovations, and in other cases, in institutional or market-based solutions.
Corporate Governance
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Author : Thomas Clarke
language : en
Publisher: SAGE
Release Date : 2022-10-26
Corporate Governance written by Thomas Clarke and has been published by SAGE this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-10-26 with Business & Economics categories.
This critical work explores the central dynamic of industrial capitalism – the cycle of brilliant innovation, catastrophic crisis, and the painful process of corporate governance reform. Coverage includes cycles of crisis and regulation, financial bubbles, including the global financial crisis, and digital disruption. Finally, the current crisis of industry induced climate change that now imperils the world is considered. Corporate Governance: Cycles of Innovation, Crisis and Reform is essential reading for final year undergraduate and postgraduate students of Corporate Governance, International Business and Business and Management Studies. Thomas Clarke is Emeritus Professor of Management at the University of Technology, Sydney. He is a Fellow of the Royal Society of Arts (FRSA) and an international corporate governance expert.
Corporate Governance
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Author : Robert A. G. Monks
language : en
Publisher: Wiley-Blackwell
Release Date : 2003-12-19
Corporate Governance written by Robert A. G. Monks and has been published by Wiley-Blackwell this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-12-19 with Business & Economics categories.
In the wake of the dramatic series of corporate meltdowns: Enron; Tyco; Adelphia; WorldCom; the timely new edition of this successful text provides students and business professionals with a welcome update of the key issues facing managers, boards of directors, investors, and shareholders. In addition to its authoritative overview of the history, the myth and the reality of corporate governance, this new edition has been updated to include: analysis of the latest cases of corporate disaster; An overview of corporate governance guidelines and codes of practice in developing and emerging markets new cases: Adelphia; Arthur Andersen; Tyco Laboratories; Worldcom; Gerstner's pay packet at IBM Once again in the new edition of their textbook, Robert A. G. Monks and Nell Minow show clearly the role of corporate governance in making sure the right questions are asked and the necessary checks and balances in place to protect the long-term, sustainable value of the enterprise. A CD-ROM containing a comprehensive case study of the Enron collapse, complete with senate hearings and video footage, accompanies the text. Further lecturer resources and links are available at www.blackwellpublishing.com/monks
The Transformation Of Wall Street
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Author : Joel Seligman
language : en
Publisher: Boston : Houghton Mifflin
Release Date : 1982
The Transformation Of Wall Street written by Joel Seligman and has been published by Boston : Houghton Mifflin this book supported file pdf, txt, epub, kindle and other format this book has been release on 1982 with Business & Economics categories.
Seligman describes the activities of the SEC (Securities and Exchange Commission), a federal regulatory agency, from its establishment during the years of the Depression up to the end of the Nixon Administration in 1977. Discusses its contributions -- the elimination of anticompetitive practices in the stock markets, reduction of securities fraud through corporate disclosure and enforcment programs, regulation and restructuring of the public utilities industry. Also covers the influence and contributions of SEC Chairmen, who have included Joseph Kennedy, William O. Douglas, James Landis, William Carey and Manuel Cohen.
The Recurrent Crisis In Corporate Governance
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Author : Paul W. MacAvoy
language : en
Publisher: Stanford University Press
Release Date : 2004
The Recurrent Crisis In Corporate Governance written by Paul W. MacAvoy and has been published by Stanford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Business & Economics categories.
Taking a close look at American corporate governance, the authors show what is missing in today's corporate governance, and support a case for activating the board of directors to put new controls on management and take responsibility for the result.
The Sec Corporate Governance And Shareholder Access To The Board Room
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Author : J. Robert Brown
language : en
Publisher:
Release Date : 2009
The Sec Corporate Governance And Shareholder Access To The Board Room written by J. Robert Brown and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
In the shareholder governance area, one of the most contentious issues concerns the right of shareholders to nominate directors and include the nominees in management's proxy statement. This article examines the conflict in the context of the growing importance of independent directors. State law and the Securities and Exchange Commission (SEC) have increasingly relied upon independent directors to protect shareholders and ensure the integrity of the financial disclosure process. Yet because of weak definitions and problems of enforcement, these directors are often not truly independent. One method of addressing these concerns is to allow shareholders to nominate and elect their own candidates. They have the power to nominate under state law but the authority has largely been emasculated by the need to solicit proxies, an expensive and time consuming process. The SEC has from time to time sought, always unsuccessfully, to amend the rules to allow shareholders some access to the company's proxy statement for their nominees, with the first effort taking place in 1942. The article contains a comprehensive analysis of these efforts, including the most recent iteration in 2007 when the Commission reaffirmed its traditional position that shareholders should not have access to the company's proxy statement for nominees. The article takes the position that in an era of activist shareholders, pressure on the SEC to reform its rules will continue to grow. Moreover, continued denial of access will make things worse, leading to efforts by activist shareholders that are more intrusive and more likely to result in contests for the board of directors. The denial of access also leaves in place a serious gap in the disclosure regime for proxy contests. Finally, as the SEC becomes increasingly involved in the corporate governance process, a role it has not historically had to consider, the denial of access raises questions about the agency's willingness to protect the interests of shareholders.
Corporate Takeovers
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Author :
language : en
Publisher:
Release Date : 1987
Corporate Takeovers written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1987 with Consolidation and merger of corporations categories.